Ayman Al-Ajmi, CEO of leading insurance company Braxtone, shares his strategy towards the GCC region. Established in 2015, Braxtone is an independent insurance manager, licensed by the Central Bank of Bahrain.

"At Braxtone, we focus on what the market needs. We have shown amazing growth in the past two years, growing our staff by almost 200%. We have been pulled in each direction with the market needs and coming up with a strategy is our focus: how we are going to work and how we are going to provide the market with our expertise. The team has dealt with companies under distress and has been called upon in several countries. We spent a good part of this year really realizing who we are and how we can provide the market with our services. We created four specific divisions. The first is insurance and captive management. Then, we have claims management and loss adjusting. Next is outsourcing and assistance services. The last division was somewhat pushed upon us to actually get into that market, which is advisory and consultancy. It is the big boys’ game. Having a company with less than 10 years of experience, it is very difficult to get into that space. However, because of our specialty, big consultancy firms started reaching out to us to subcontract these specific related insurance services. We still continue to work with them today; however, we started going into our own. The Saudi government was the first to approach Braxtone on insurance and foreign direct investment. Now, we have begun working with the Insurance Unit in Kuwait on seven projects to overhaul that entire market and really take it to an operational level that is not crippling to the industry. This is a major change that is happening now in Kuwait. We are now consulting private insurance companies as well. We are present on that focus in Bahrain, UAE, and Oman. We are in the process of obtaining the license in Saudi and Kuwait as well. As soon as the Insurance Authority allows us the new license, we are ready to go there. Qatar has been out of the focus of Braxtone simply because we were not there as individuals. I have never worked in Qatar specifically, nor has the executive team, but it was always on the radar. We are hopefully in the process of securing our first consultancy there, which will give us the ability to expand to these countries without physically be being there", says Ayman Al-Ajmi.

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